Passive activity loss rules prevent investors from using losses incurred from income-producing activities in which they are not materially involved.Being materially involved with earned or ordinary income-producing activities means the income is active income and may not be reduced by passive losses.

I think we all did.When I started, 25 years or so ago, there weren't all of these gurus or internet websites.

One such is Bank of the Internet, an online / branchless bank based in California.

My other business is internet based where I am not tied down and I am one of the top guys in the business in that industry. 

Hi Tom.. search BP forum and you'll find in depth answers, but on avg it is (assuming up to 1500 sq ft)$35/ft (DIY and buying materials on discount)$50/ft (hiring out most stuff, medium grade finish)$75/ft (high end finishes; hiring all work out)Exterior.. if brick.. powerwash and repoint.. look around online/in neighborhoods (esp when it warms up)..

The deals are fantastic as far as the numbers go but I'm hesitant to "give money out over the internet" to a company that I can't do much due diligence on.

If you can do some work yourself, you really only need to be able to cover the materials for those jobs.I aim to keep around $20k-$25k in cash on hand for unexpected repairs on 9 houses and two 2 families.

If the taxpayer materially participates in each rental real estate activity, his/her losses are fully deductible, and the $150k threshold no longer applies.It sounds like you are familiar with the test, but I will restate it her for the sake of completion.At least 1/2 of personal services in all businesses for the year must be performed in a real property trade or business and rental real estate.The taxpayer must spend more than 750 hours in real property businesses and rentals in which he/she materially participates.Both must be satisfied.  

I spent 6 months listening to all the BiggerPockets podcasts and reading as much as I could from all the BiggerPockets Books and spent a lot of time in Home Depot and Lowes learning cost numbers for materials.

Not sure how to find a mentor also but as everyone says the internet is your best friend.